Key Capitol Hill Hearings CSPAN September 28, 2015 11:04am-11:30am EDT
ladies and gentlemen, the are a lot of people are going to come up here and asking for support, if you're going to tell you -- [applause] >> wow. that's some group of people. so we're going to be discussing something so important for our country, for our economy, and for getting us all working again, and working well again. it's a tax reform that i think will make america strong and great again. too few americans are working, too many jobs are being shipped overseas, and to many middle income families cannot make ends meet. this plan directly meets these
challenges, and the challenges also a business. it will provide major tax relief for middle income and for most other americans. there will be a major tax reduction. it will simplify the tax code. it will grow the american economy at a level that it hasn't seen for decades. and all of this does not add to our debt or our deficit, but i will also be discussing some of that at the end because we have to make much better deals, we have to negotiate much harder, and we've got to make our economy strong. changes for individuals will be at levels that you haven't seen in a long time. we're going to cut the individual rates from seven
brackets to four. simplification. 25%, 20%, 10% and zero. if you are single and earn less than $25,000 per year, or married and jointly, and jointly earn less than 50,000, so very important. if you're single and earn less than 25,000 or married and jointly earn less than 50,000, you will
not pay any income tax, nothing. this eliminates very strongly and quickly the marriage penalty, very unfair penalty that it eliminates the amt which is the alternative minimum tax. it ends the death tax, the double taxation.
and lots of families go through hell over the death tax. it reduces or eliminates most other deductions and loopholes available to special interests, intand to the very rich. in other words, it's going to cost me a fortune, which is
actually true. while preserving charitable giving and mortgage interest deductions. very importantly. it ends the current tax treatment of carried interest. those of the hedge fund folks that i've been talking about for quite a while. make a lot of money, carried interest. so it ends the current tax treatment of carried interest, the speculative partnerships that did not go businesses or create jobs and are not risking their own capital. changes for business, now, so important, because it's all about business, it's all about
jobs. we have 93 million people in this country that are in serious trouble don't want to work. they can't work. so for business, no business of any size, from a fortune 500 company to a mom and pop shop, to a freelancer living from gig to gig will pay more than 15% of their business income in taxes. big reduction. a one time deemed repatriation of corporate cash held overseas at significantly discounted which coming back at a significantly discounted, 10%. so it comes back discounted at a 10% tax rate, it ends the deferral of taxes on corporate income earned abroad. now, it's called corporate
inversion. it's a huge subject. i've been watching politicians now for years, all talk, no action politicians. i've been watching them for years talking about bringing this money back. the number is probably $2.5 trillion. everybody agrees it should come back, republicans, democrats, everybody. they can't make a deal. they don't know how to go about making a deal to the reason companies are not bring it back is that taxes owners to get doesn't make sense to bring back are, in fact, many companies are leaving the united states, they are leaving our shores to go and collect their money, they're going actually moving out of the united states for two reasons. that taxes are too high, and because they tremendous amounts of money that they can't bring back into this country when everybody wants him to bring it back in. it's called leadership. we will have that money brought back in it as an example of millions of dollars overseas.
i can't bring it back into this country. we file papers. we've been doing this for a year and have. we can't get it back in the so the money stays in other countries, and that's what happened, not good for us. the level of leadership that we need to get things like this done is so important, but this is something, and i can watch it for a long time, everybody agrees. we also reduce or eliminate some business loopholes, many of them actually come and deductions made unnecessarily or redundant by the new lower tax rate on business income. attacks right now is so low that a lot of these deductions which are complicated which don't make sense and which are unfair are gone. and we face and a reasonable cap on the deductibility of the business interest expense.
so we are going to give you, we have a very complex set of papers that actually if you know business is not so complex, and we're going to have him right now to the press pick i think you will see we have an amazing code. it would be simple. they will be d.c. it will be fair. it's graduated as you get up in income, you pay a little more. some of the very unfair deductions that certain people have been given who make a lot of money would not be available any longer, but i believe they will do better because i think the economy will grow. it will grow rapidly and will have something for special. now, with all of that being said and before we take some questions, we have to cut the costs of what's going on in this country. if you look at what we are doing and the money we are spending, i
read where a washer, you know and washer is rex nuts, bolts, a washer. to send from one state to another, it was a 19-cent washer and it cost 1900 some odd dollars to send it from here today. there are many examples, hammers to cost $800 that you can buy in a store for a tiny amount of money. we will run these country properly. there is so much money to be saved. we are reducing taxes but at the same time if i win him if i become president, we will be able to cut so much money and have a better country. we won't be losing anything other than we will be balancing budgets and getting them where they should be. so this is the plan that simple, that's a major reduction. i think people are going to be very happy. we've already had some very good
reviews. i did the plan for leading scholars and economists and tax experts that are in this country. they love it. they say, why hasn't this been done before? and this is my wheelhouse. that's what i.t. will. the economy is what i do well. whenever they do polls i always come out wit above everybody else on the economy. and on leadership by the way, but i won't say that. so if anybody has -- [applause] wow. thank you. that's amazing. that's some of the press was actually clapping. i don't think i've ever seen that before. why don't we take some questions from the press? yes, go ahead. [applause] >> no, i'm not going to do that yet. i have to get approval but we've had some of the top people in
this country look at it. we are looking at 3%, it could be six. we'll have growth that will be tremendous. and by the way, if we have more than three, these numbers are really spectacular. and one of the things that they don't take into account in any big league fashion is the county. it is so much waste and i believe what i get into i will be able to cut without losing anything, took a tremendous amount off of come and we're not even showing anything on that so they're very conservative numbers. yes, sarah. [inaudible] >> yeah. [inaudible] >> my taxes, my taxes welcome personal item much simpler tax stated that it will be much simpler. when i do my return it will become my returns go to the ceiling and beyond, which is ridiculous. you spend millions of dollars at a high level on lawyers, accountants and everything else. we want to simplify them to a
tremendous level. the bracket of 25, a big difference is that many of the loopholes and many of the deductions which are old and a been there for years, antiquated in many cases or are put there because a lot of the people that get these defections are contributed to hillary, they are contributing to bush. that contribute to every candidate that drove because i'm not taking any money. i'm still funding to these people want these deductions. there will be people, we are reducing taxes but believe me there will be people in the upper echelon that will not be thrilled with this. we are taking away deductions and that's one of the reasons were able to lower its so. [inaudible] >> is actually a tax reduction. a big tax reduction, coding for the upper income. i believe the economy will do so well that even though they won't be getting certain deductions, which are not fair for them to
be getting back to end up doing better. yes, go ahead. [inaudible] >> i just think this is a common sense approach. we could say supply side, you consider seeking given names given are for different kinds of reductions or increases. i don't think it's supply-side or anything else but i think this is a common sense, well thought out tax proposal that's going to trigger the economy, clinic everybody go back and would want to work or it's going to great tremendous number of jobs. one of the other things i'm coupling this with is if i become president i'm going to renegotiate our trade deals. our trade deals are not sustainable by this country, not sustainable. we cannot continue to let our jobs go to all the different countries. there's not a country that we negotiate with that doesn't make
a better deal to we lose money with everything. i'm also going to renegotiate some of our military costs because we protect south korea. we protect germany. we protect some of the wealthiest countries in the world, saudi arabia. we protect everybody. we protect everybody, and we don't get reimbursed. we lose on everything. we lose on everything. so we are going to negotiate and we negotiate trade deals, military deals, many other deals that's going to get the cost down for running our country very significantly. i'm not showing a big number in that but i believe that if i become president those numbers are going to be massacred as an example saudi arabia. and make a billion dollars a day. we protect them. so we need help. we are losing a tremendous amount of money on a yearly basis and we go $19 trillion i used to say 18. now with nike to get only going
up. yes, tom. [inaudible] >> look, look. senator rubio is a lightweight. we understand that he wouldn't be able to do this. he would know that take you from any other deal. and what certain people are trying to get his their time to take a we just went up in the last poll. we went up two points in the last poll that we continue to corporate entity sql i think we went from 26 that's when i. we're going up strong in the polls. they don't know what to do about it. i built a great company. you will see that in 60 minutes last night. it's a phenomenal company with very little debt, tremendous cash flow. i'm finding my own campaign. guys like rubio, he desperately needs money. ask a car dealer in florida, ask the people that support him. and a guy like rubio and others can i do what does include a. you are singling him out, but they are largely controlled by their donors and special
interests and, frankly, more than anybody else, the lobbyist. i've turned down millions and millions of dollars from lobbyists and special interest because it's not the right thing. it's just not right and that seems to be resonating very strongly. yes. [applause] >> thank you, thank you. [inaudible] >> negotiate, that's true, i do. i get bills from people in a negotiate. is that a bad thing? the country could do that. i would bring that same attitude to the widest and that's true. she says i have a habit when you get a bill come you call up and you negotiate. to me that the company. i want to take that thinking to the white house. i would bet you bigoted 20% of our budget i could say more but we could have a tremendous amount. that has to be the attitude our
country has. you can't spend millions and millions of dollars on doing something that you can do for $2000. we look at costs. we just spent $1 million building a soccer field, okay? a soccer field, for our prisoners that happened to be in guantánamo, okay? i don't like that. what you need a million dollars for? level out the service, let them play, if they have to play it all. what you need to spend a million dollars? we just spent come into the store today. i million dollars on a soccer field? how do you spend an adult on a soccer field quick you have a level piece of land. so that it all. why do they even come why are they playing soccer is my question. okay. yes, sir, go ahead. [inaudible] >> no, it's too long. you don't have time. you are not timed.
go ahead. why don't you go ahead? [inaudible] >> right. [inaudible] >> no, not at all. we are lowering taxes which republicans love. and i think what are the reasons i am doing so well in the polls and one of the reasons i'm doing so well when it comes to the economy in all polls is that this is the thing. we are lowering taxes or substantially, simplifying and getting rid of deductions that are actually obsolete that certain people want to keep for certain reasons. so no, that's not true. yes, sir. go ahead. [inaudible] >> well, who was interviewed and i was interviewed last night i thought his interview. i saw charlie rose did an excellent job but i thought is was a software entity.
scott kelly interviewed me. i thought scott was terrific. it was a tough interview i thought he was very fair. and i thought the piece was very good. go ahead. [inaudible] >> easy harder on me than putin? i would say because putin is a nicer person than i am. okay, go ahead. [inaudible] >> right, right. [inaudible] >> the worst in 36 years. okay. it's a good question and you can connect the dots but i guess it has been probably since 2004. talking about 12 years that people wanted to bring the money back into the country, and again
is called corporate inversion a lot of times the corporation are moving out and going to other countries, taking jobs. now we have a really big problem because we series companies, very large as you know, obviously you know something about business, but we have major companies looking to move out of the united states. it used to be they would move from new york to florida or from new jersey to texas or whatever. now you're talking about moving from the united states to ireland and england and to other places, to spain where they get treated differently. and, frankly, better. they're doing that for a number of the reasons but one of the big reasons as you is taxes. one of the other reason is to get all of this cash they built up and they can't get back into our country. wins money comes back into our country, that everybody wants, it will be put to work in our country largely. it can go other places but largely. and i think it would be an amazing boon. here's the other thing.
they think it is $2.5 trillion. i think it's much more than that. i actually think it's going to be more money than that. and boy, if it is, we have hit pay dirt. go ahead real fast. [inaudible] >> well, you know when to end the repatriation, when you get the money coming back and beyond, tremendous things happen. sera, go ahead. [inaudible] >> well, i will be announcing that in the not-too-distant future. i will be honest, i'm the only honest about the i watched, i pay so much attacks. i watch all politicians and the sake i fight like hell to pay as little as possible. can i say that i'm not a politician. i fight like hell always because it's an expensive and you know what i feel, i fight, i have the
best lawyers and the best accounts and i fight, and i pay. but it's an expense. and, frankly, i would feel differently if this country were spending the money wisely instead of throwing it out the dream. our country spend our money so stupidly, and i will tell you that i can speak for myself, i pay a lot of tax but i fight like hell to make it as low as possible. but i would feel a lot differently if our leadership was such that i respected the decision. all you have to
do is look at the list of the things that our government is spending money on right now, and you don't feel so good about our country. yes. [inaudible] >> well, i'll to you what come in terms of income and equality we will create a lot of jobs. you know, right now we have a
false 5.4, 5.3, 5.6 come
every month it is to do. it's such a phony number because when people look and look in look and then they give up looking for a job, they are taking off the roll so the number is not reflected i see numbers of 24% are actually saw a number of 42% unemployment. 42%. and it could be because when you're looking for a job and you go around and you look and you look and you find and you want to work and you want to take care of your family, and then you can't get the job, you know i talk about because you're shaking your head, and you can't get the job, essentially for statistical purposes you are considered employed. so that i read every time it comes out, i hear 5.3% unemployment, that isn't the biggest joke there is in this country. that number is so false. people ask how, trump is doing so well, and carson and others,
how come --
you know wipeouts because people are tired of illegal speak. they are tired of the. the worst example of it, one of the worst examples is a phony unemployment rate. the unemployment rate is probably 20% but i will tell you, get some great economist that will tell you it's a 30, 32. the highest i've heard so far is 42%. there's anger out there at the job picture. now, one other thing. with that being said, china, japan, mexico, brazil, these countries are all taking our jobs that we are a bunch of babies. that will stop. people will treat us fairly if i become president. ..
real estate. i have many of these. i've done a great job. i've employed tens of thousands of people. i employ tens of thousands of people. i've done a good job. i'm a man of common sense. i'm cutting taxes, create a lot of jobs, i'm going to get a tremendous amount of waste. the waste that i get rid of is going to have a huge impact and i'm not putting that in my numbers. i think it's going to be terrific. how about one more question? go ahead. [inaudible] >> yes, that's a beautiful way of describing it. where are you from? england. what a beautiful accent. i want to get the industry, we all it the automobile industry
to build factories here. ford is building a two and a half billion factory in méxico. méxico took a big plant out of tennessee. i want the motor companies as you would say or automobile companies to build the plants in the united states. i don't want nabisco leaving to méxico or anywhere else. all of these places where they are leaving and they are going to other countries, i want them to stay here and they will stay here and be so happy. ladies and gentlemen, thank you very much, it's been a great honor. thank you, thank you. [applause]